When China Ocean Shipping Company (Cosco) took over the operation of the port of Piraeus, running the shipyard has been the first project since 2016. Cosco chose Piraeus to be China’s gateway to Europe, under the Belt and Road Initiative, as well as other ports, increasing trade between the continents.
According to the Greek Parliament, Piraeus is the fastest growing port in the world, as it ranks 7th in Europe and 37th worldwide.
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However, it was not always like this. After the Greek economic, thousands of workers lost their jobs. This is now changing as thousands have hired, while a large number of jobs have been created in peripheral industries.
A similar case to Piraeus is the port of Zeebrugge. COSCO owns 76% of the Zeebrugge port, and plans to create a diversified logistics service platform, together with the Zeebrugge Port Authority.
These investments have consequently increased trade as well. Greece has already seen the results of the Belt and Road Initiative, but the port of Rotterdam as well, has seen increase in its throughput of containers.
In addition, Cosco has started docking at the Helsinki cargo port, in order to help local pulp and wood producers increase their exports to the Chinese market, Xinhua news agency reported.
What is more, economic benefits have been guaranteed for both sides, through an improved maritime business, which includes more investment in ports, better design in cargo vessels and stronger link between harbors and railways.
Nevertheless, there are some concerns. As Elias Hajiefremidis, president of the Worldwide Industrial & Marine Association, believes there is still some older mentality which may cause problems, especially from public or private operators.
COSCO’s investment in the port of Piraeus and its plans to upgrade the shipbuilding zone “will have to deal with the older mentality”, said Elias Hajiefremidis, president of the Worldwide Industrial & Marine Association headquartered in Greece.
